Petro Gets Listed On Six Crypto Exchanges in Venezuela

According to local media outlets, crypto enthusiasts in Venezuelans can now trade in the Petro. According to the government website, six cryptocurrency exchanges in Venezuela have been given the go-ahead to list the coins. The six exchange will facilitate the marketing, buying and selling of Petro coins.

News of the currency going live on the exchanges comes after Nicolas Maduro Venezuelan President elevated Petro to be the country’s new national currency. According to Noticiero Digita starting from Wednesday, October 17 traders will be able to buy Petro coins from only six exchanges even though President Maduro had earlier said the currency will be available on 16 exchanges authorized by his government.

The six exchange are Cryptia (cryptiaexchange.com), Cave Blockchain (caveblockchain.com), Bancar (bancarexchange.io), Criptolago (criptolago.com.ve), Amberes Coin (amberescoin.com), and Afx Trade (afx.trade). All the six cryptocurrency exchanges were among the 16 President Maduro announced were authorized to list Petro coins except Afx.

For all the above exchanges to be operating in Venezuela, they must have passed through the National Superintendency of Criptoassets and Related Activities (Sunacrip) body. SUNACRIP is the regulatory body in Venezuela mandated with the task of regulating the cryptocurrency industry. Similarly, it’s also the body that issues licenses to exchanges entering the Venezuelan market.

Furthermore for one to acquire a license or certification to start mining digital currency, they will have to pay a visit to the Intendence of Digital Mining office. The latter is part of SUNACRIP but in its task is to regulate activities related to digital mining.

New Whitepaper

Petro has been surrounded with controversial after controversial and this time around its concerns its new whitepaper. Earlier this month Maduro’s government released a new white paper for its oil-backed currency, but its content is similar to that of Dash whitepaper. Further on when it comes to Petro been 100% backed to oil the new whitepaper states differently. Now Petro is backed by 10 percent diamond, 20 percent iron and 20 percent gold while oil takes 50 percent.

Petro cryptocurrency came into the limelight after being launched in February. Since its launch, the currency has been surrounded by controversy with many not accepting it as a cryptocurrency. On the international scene, US President Donald Trump banned trading in Petro within the US. Furthermore, he went ahead and signed around 20 sanctions against Venezuela. Venezuelan sits on huge amount of oil reserves but its economy is in shambles.